Bitcoin has been pushed back to the $74,000 range and is coming under renewed downward pressure. The move comes as risk-aversion spreads on a scandal surrounding the management of Nvidia, a key player in the U.S. artificial intelligence (AI) industry, combined with a stalemate in U.S.-Iran negotiations. During the sharp decline, more than $1 billion in futures positions were forcibly liquidated, amplifying volatility.
As of 4 p.m. on the 9th, Bitcoin was trading at $74,143, according to CoinGecko, a global crypto market data platform. It had fallen to $73,761 during the previous session—its lowest since August—before bargain hunting pushed it briefly above $75,000, but it is now surrendering those gains again. Over the same period, Ethereum also dropped below $2,100 before rebounding to around $2,144, though volatility across the broader market shows little sign of abating.
The trigger for this correction was Nvidia's board launching an independent investigation into allegations concerning CEO Jensen Huang's personal life and national security matters. Huang reportedly acknowledged an inappropriate relationship and apologized in a message to employees. Nvidia, however, said it has found no grounds to conclude that national security or company secrets were leaked. Observers say the emergence of management risk at a company on the front lines of the AI industry could rattle investor sentiment across technology stocks.
Geopolitical uncertainty emanating from the Middle East also fueled risk aversion. U.S. Secretary of State Marco Rubio said negotiations with Iran have made no progress and indicated that Iran's demands are difficult to accept. There are concerns that a prolonged stalemate could lead to higher international oil prices and a flight from risk assets.
The sharp price swings led to large-scale liquidations in the derivatives market. According to Coinglass, a crypto derivatives data platform, futures positions liquidated over the past 24 hours exceeded $1 billion (approximately â‚©1.3 trillion). Of that, long positions betting on gains accounted for $913 million (approximately â‚©1.2 trillion). By asset, Ethereum accounted for $448 million (approximately â‚©600 billion) and Bitcoin for $272 million (approximately â‚©370 billion). The single largest liquidation order occurred in Ethereum, at about $48 million (approximately â‚©65 billion).
Note: Coinglass data for the most recent 24 hours
Market attention is now shifting to Bitcoin's next support level. From a technical-analysis standpoint, the area around $73,150, where the 200-day moving average sits, is cited as support, while the area around $77,430, the 100-day moving average, is seen as resistance. With Bitcoin having even given up the $75,000 line, whether it can defend the $73,000 range will be the dividing line for the near-term trend if further liquidations follow.
The market is watching how investors react to the Nvidia-related bad news and the Iran negotiation stalemate after the U.S. stock market opens. The prevailing view is that it remains uncertain whether the rebound in major cryptocurrencies can be sustained. To extend the rebound, clearing the resistance zone near the 100-day moving average is seen as key.
